Barclays has ended its 10-year sponsorship of the European Tour's Scottish Open.

The tournament will celebrate its 30th anniversary in July next year with organizers aiming for new sponsors to be on board.

Barclays said it ended its deal because of “market factors.” But Tim Peat of Barclays Capital, the bank’s investment banking arm, insists the company will maintain “a significant presence in professional golf.”

The bank sponsors The Barclays in the United States and the Singapore Open, but won’t be backing any events in Europe.

"We thank Barclays for their vision and leadership,” said European Tour Chief Executive George O'Grady said in a statement. "We respect and understand that their decision was based on market factors following a hugely successful partnership that has lasted almost a decade.

"The combination of a world-class title, prime date in the week immediately before the Open Championship and stunning location in Scotland -- the Home of Golf -- make this a particularly attractive proposition and we look forward to securing the future of the Scottish Open with a new sponsor."

Argentina's Eduardo Romero won the first Barclays Scottish Open in 2002 at Loch Lomond and subsequent winners included Ernie Els, Martin Kaymer and Graeme McDowell.

The final Barclays Scottish Open was won by world No. 1 Luke Donald in July, who claimed the title thanks to a closing 63 at the competition's new home of Castle Stuart, near Inverness.